Deciphering real estate markets globally., Rems Advisors

TAN Kok Keong

Deciphering real estate markets globally.

Rems Advisors

Thematic (Sector/Industry)

<div><h2>Private Residential Primary Sales Status (Excluding Executive Condominiums)</h2></div><p>For the month of September, primary home sales in Singapore increased by 8% increase month-on-month, continuing the build up of postive momentum in the market (see Figure 1). Developers sold a total of 509 units of new homes (ex-ECs). The improving sentiment is visible as this is a 49% increase over the sales figure last year. </p><p>Figure 1: September 2016 Primary Sales (Excluding Executive Condominium)</p><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/014/886/original/Sept%202016%20Primary%20sale%20%28ex%20Ec%29.png?1476758876" class="editor-image img-responsive" data-smartkarma-image-id="14886"></figure><p>Source: URA, REMS…</p>

Private Residential Primary Sales Status (Excluding Executive Condominiums)For the month of September, primary home sales in Singapore increased by 8% increase month-on-month, continuing the build up of postive momentum in the market (see Figure 1). Developers sold a total of 509 units of new homes (ex-ECs). The improving sentiment is visible as this is a 49% increase over the sales figure last year. Figure 1: September 2016 Primary Sales (Excluding Executive Condominium)Source: URA, REMS…

Singapore's Primary Home Sales Pick Up in September

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>The review period for the LQ45 Index rebalance ended on 31 December. The changes should be announced the last week of January, becoming effective after the close on 30 January.</li>
<li>We highlight 3 potential inclusions and 3 potential exclusions for the index at the rebalance. Depending on the index committee discretion, the actual number of changes could be lower/higher.</li>
<li>The impact on the forecast inclusions is not very high but the impact on the forecast deletion is much higher.</li>
</ul>


The review period for the LQ45 Index rebalance ended on 31 December. The changes should be announced the last week of January, becoming effective after the close on 30 January.
We highlight 3 potential inclusions and 3 potential exclusions for the index at the rebalance. Depending on the index committee discretion, the actual number of changes could be lower/higher.
The impact on the forecast inclusions is not very high but the impact on the forecast deletion is much higher.


LQ45 Index Rebalance Preview (Jan 2026): Identifying Potential Index Changes

Dian Swastatika Sentosa / Index Rebalance

<ul>
<li>The review period for the LQ45 Index July rebalance ended on 30 June. The changes should be announced later in two weeks, becoming effective after the close on 31 July.</li>
<li>We highlight 2 potential inclusions and 2 potential exclusions for the index at the rebalance, though there is a possibility that there are no constituent changes.</li>
<li>Both potential inclusions will have over 2x ADV to trade from passive trackers and the flow is significant for one stock.</li>
</ul>


The review period for the LQ45 Index July rebalance ended on 30 June. The changes should be announced later in two weeks, becoming effective after the close on 31 July.
We highlight 2 potential inclusions and 2 potential exclusions for the index at the rebalance, though there is a possibility that there are no constituent changes.
Both potential inclusions will have over 2x ADV to trade from passive trackers and the flow is significant for one stock.


LQ45 Index Rebalance Preview (Jul 2025): Identifying Potential Index Changes

External broker reports(aggregated public sources), BRI Danareksa Research

BRI Danareksa Research

External broker reports(aggregated public sources)

As a one-stop financial solution with the vision to be the most valuable securities house, BRI Danareksa Sekuritas (BRIDS) has maintained an excellent track record and extensive experience in the capital market as an underwriter, broker, and financial advisor for individual, institutional, foreign and domestic, private and government clients. Established in 1992, PT Danareksa Sekuritas is a securities company that performs activities as a securities broker, underwriter, or arranger and financial advisor.

Equity Bottom-Up

<ul><li>CTRA’s 1Q25 earnings reflected resilient handover execution and disciplined opex, outperforming peers and company guidance.</li><li>Despite a strong 1Q25 pre-sales (29% of FY25F), we lowered our FY25- 27F assumptions by 5%, aligning with mgmt’s guidance.</li><li>Maintain Buy with a lower TP of Rp1,600; CTRA remains our top sector pick with well-diversified, end-users-oriented projects.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

CTRA’s 1Q25 earnings reflected resilient handover execution and disciplined opex, outperforming peers and company guidance.Despite a strong 1Q25 pre-sales (29% of FY25F), we lowered our FY25- 27F assumptions by 5%, aligning with mgmt’s guidance.Maintain Buy with a lower TP of Rp1,600; CTRA remains our top sector pick with well-diversified, end-users-oriented projects.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Ciputra Development - Trimming Our FY25-27F Pre-Sales by 5%

<ul>
<li>The review period for the LQ45 Index April rebalance ended 31 March. The changes should be announced later this week, becoming effective after the close on 30 April.</li>
<li>We highlight 4 potential inclusions and 3 potential exclusions for the index at the rebalance. The actual number of changes could be lower at 2-3 a side.</li>
<li>All the potential changes have over 1x ADV to trade from passive trackers and some stocks will be impacted more than others.</li>
</ul>


The review period for the LQ45 Index April rebalance ended 31 March. The changes should be announced later this week, becoming effective after the close on 30 April.
We highlight 4 potential inclusions and 3 potential exclusions for the index at the rebalance. The actual number of changes could be lower at 2-3 a side.
All the potential changes have over 1x ADV to trade from passive trackers and some stocks will be impacted more than others.


LQ45 Index Rebalance Preview (Apr 2025): Identifying Potential Index Changes

Indonesia

Ciputra Development is one of Indonesia's leading and most diversified property companies. It specializes in developing and managing residential, commercial, and mixed-use properties, including houses, apartments, offices, shopping centers, hotels, hospitals, and golf courses. The company was founded in 1981 and is headquartered in Jakarta, Indonesia.

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Ciputra Development (CTRA IJ)

Singapore's Primary Home Sales Pick Up in September

Private Residential Primary Sales Status (Excluding Executive Condominiums)For the month of September, primary home sales in Singapore increased by...

TAN Kok Keong

LQ45 Index Rebalance Preview (Jan 2026): Identifying Potential Index Changes

We highlight 3 sets of changes for the LQ45 in January. The forecast adds have surged while the forecast deletes have dropped. Historically, adds...

Brian Freitas

LQ45 Index Rebalance Preview (Jul 2025): Identifying Potential Index Changes

We highlight 2 sets of changes for the LQ45 in July. The forecast adds and deletes have traded in a range over the last few months. Historically,...

Brian Freitas

Ciputra Development - Trimming Our FY25-27F Pre-Sales by 5%

CTRA’s 1Q25 earnings reflected resilient handover execution and disciplined opex, outperforming peers and company guidance.

BRI Danareksa Research

LQ45 Index Rebalance Preview (Apr 2025): Identifying Potential Index Changes

We have identified potential changes for the LQ45 Index in April. The potential adds have traded in line with the deletes. Historically, adds and...

Brian Freitas

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